PUBLIC · A dashboard for the liquidity regime

The regime is visible in the plumbing

Liquidity is not one number. Funding, depth and volatility are moving together, while dealer balance sheets remain selective.

A market can rally while its ability to absorb the next shock is still deteriorating.

Will the Federal Reserve cut rates again in 2026?

Semis topped out last summer, which is a common phenomenon where the most loved sector or stocks peak months before a bear market begins.

Under the surface, the bubble has started to burst-just look at Tesla, down over 40%, or MSTR, which has never recovered from its big drop.

This is similar to the second half of 2021 when speculative stocks got crushed while the SPX kept grinding higher.

This time, it's more serious, as gold is also flashing warning signs.

NDX broke out to the upside as we expected.

We posted that the market was entering a stagflation period similar to that of the 1970s back in early 2022.

The SPX is still following the 1970s stagflation patterns.

BUY or SELL?